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1、IMBA Financial Accounting,Instructor: Guohua Jiang (姜国华）,University of California, Berkeley (加州大学伯克利分校),田长霖，陈省身，李远哲，赵元任，张爱玲, 钱颖一 。 Most recent Nobel Prize winners: Daniel McFadden (2000), George Ackerlof (2001),What a “great” time for accounting?,Or isnt it? Accounts: angels or devils? You may hate
2、them, but you have to have them 2002, the year of accounting Enron, Worldcom, George W. Bush, Dick Cheney Blame accounting on anything, from investor losses to Saddam Hussein hiding nuclear weapon But we stay cool!,Time Magazine: Persons of the Year 2002: Whistleblowers,Cynthia Copper of Worldcom Co
3、lleen Rowley of FBI Sherron Watkins of Enron,When you think of accountants, what image comes up to your mind?,The Father of Accounting-Luca Pacioli (1445-1517),He wrote a famous mathematics book In one chapter he invented double-entry accounting system He taught Leonardo Da Vinci perspective and pro
4、portionality. The knowledge was used to paint “the Last Supper”,Dow Jones Industrial Average 1930-2002,DJIA, NASDAQ 1990-2002,Back to Square One: DJIA 1998-2002,D or Dot.bomb-NASDAQ 1998-2002,The Three Major Stock Exchanges,The Regulator of U.S. Stock Market,SEC, the Securities and Exchange Commissi
5、on www.sec.gov Arthur Levitt, commissioner, 1993-2000 in the Clinton administration Numbers Game Speech, 1998,The current SEC commissioners,Who issue American Accounting Standards,FASB: Financial Accounting Standards Board Set up in 1973 to replace Accounting Principle Board (APB) An independent, pr
6、ivate organization Standards issued recognized by SEC www.fasb.org GAAP: Generally Accepted Accounting Standards 7 concept statements (principles) e.g., No. 7 (February 2000) Using cash flow information and present value in accounting measurements 148 statements of standards (rules) e.g., No. 1 (Dec
7、ember 1973) Disclosure of foreign currency translation information,International Accounting Standards,International Accounting Standards Committee (IASC) Based at London Independent and privately funded Meant to design a set of worldly accepted accounting standards Mr. Shuping Feng from Chinese Acco
8、unting Standard Committee serve as an advisory board member www.iasc.org.uk International Accounting Standards 41 standards up to date e.g., IAS 2. Inventory, January 1, 1995,“Big Four” International Accounting Firms,Ernst Young (worldwide revenue 2002: $10.1 billions, 4.3 billions in the U.S.) Pric
9、eWaterhouseCoopers Deloitte otherwise we sell. Frankel and Lee, Journal of Finance, 1999 To get papers mentioned, from a PKU computer, go to www.jstor.org or just ask from me.,How important is accounting information?,January 22, 2003, after market closed, AT this act is not a business transaction, i
10、t is family affair. But if he gives to a neighbors niece, it is a business transaction. It is called promotion.,Reliability principle (objectivity principle),Accounting numbers 1) should be verifiable, and 2) can be confirmed by an independent observer. Examples of unreliable numbers: Mens weight Wo
11、mens age Number of years a Ph.D. takes to finish his degree CEOs pay Enrons earnings,Historical Cost Principle,All acquired assets should be recorded at their actual cost, I.e., the amount of money paid to obtain the asset, even though the cost of the same asset today is different. Why? Historical c
12、ost is reliable.,Going-concern concept,It is like people in the past who wish an emperor lives forever, we assume companies live forever, although they tend to die fast. Why? Because if we assume going-out-of-business concept, many wired things will happen. 1) Assets need to be recorded at current m
13、arket prices 2) Liabilities will have to be repaid right away 3) Earnings and book values do not matter Going-out-of-business is the exception, not the rule.,Stable-of-monetary-unit concept,One dollar today = One dollar tomorrow Why? Purchasing power changes due to inflation or deflation But we are
14、ok. If the change in price level is not too dramatic, we hold the stable-of-monetary-unit concept. Otherwise, every account will have to be adjusted every quarter.,Conservatism principle,The tension between creditors and shareholders and the tension between shareholders and management dictate that a
15、ccounting is conservative. Report bad news in financial statements as early and as complete as possible; report good news in financial statements only after the uncertainty surrounding the good news is resolved.,Conservatism principle - examples,Research and development expenditures Advertising expe
16、nditure Other promotion expenditures Relationship buildup costs All these expenditures will likely generate future benefits for the firm. But they are expensed, not capitalized as assets on balance sheet because their benefits are uncertain and hard to measure.,Accrual Accounting,Revenue: recognize whenever it is earned, not when cash changes hands Expense: recognize whenever it is incurred, not when cash changes hands,Financial Statements,Balance Sheet: at a point in time, i.e., December
